October 23, 2015 9:37 AM | Posted by Batten, Richard | Permalink
The release of the Government's response to the Murray Inquiry provides a roadmap for regulatory action affecting the sector over coming years and much needed certainty for industry. read more
October 20, 2015 8:29 AM | Posted by Batten, Richard | Permalink
The Government has released its response to the Financial System Inquiry's Final Report which includes specific measures which the Government plans to implement before the election and beyond. read more
October 12, 2015 12:40 PM | Posted by Batten, Richard | Permalink
The Governance Institute of Australia has raised concerns about the Government's consultation on the industry levy for ASIC.  Particular concerns relate to the one-size fits all approach taken in the consultation paper and the lack of alternative methods for calculating the levy and the failure to promote or recognise companies which adopt a prudent approach to managing risk and reduce the level of regulatory supervision required by ASIC. read more
August 28, 2015 11:56 AM | Posted by Batten, Richard | Permalink
The Government is consulting on whether to introduce a new industry funding model for ASIC as recommended by the Financial System Inquiry. read more
December 16, 2014 9:35 AM | Posted by Paul Schoff, Eric White | Permalink
In commenting on the design of Australia's superannuation system, the Inquiry draws on Chilean experience. Regrettably and perhaps unwittingly, the Inquiry also seems to have drawn on the early 1970s Chilean socialist experiments with Big Data in developing its thoughts and recommendations around access and use of private sector data. read more
December 10, 2014 1:52 PM | Posted by Brendon Watkins | Permalink
The FSI Report has recommended that Government should consult with relevant stakeholders to consider the introduction of 'safe harbour' provisions for directors engaged in restructuring efforts, and the suspension of ipso facto clauses during a restructuring. read more
December 8, 2014 5:59 PM | Posted by Richard Batten, Stuart Johnson | Permalink
The Final Report of the Financial System Inquiry was released on the weekend. Here, we discuss key points arising from the Report and Mr Murray's speech to CEDA. read more
July 15, 2014 3:32 PM | Posted by Payne, Karen | Permalink

The Financial System Inquiry Interim Report (the Report) has identified taxation as one of three main sources of distortions which hamper the operation of price mechanisms that would otherwise promote an efficient allocation of funding and risk (the other two being regulation and market imperfections).

The Report is somewhat restrained in its comments on specific tax reforms, and defers to the Tax White Paper due out in 2015.  However it does make comment on the need to retain dividend imputation.  The Report suggests that the case for retaining dividend imputation is now less clear than it was in the past and may act as a subsidy to domestic equity. However, some tax distortions are intentional and by design and provide intended integity benefits, which will need to be considered and weighed against any potential adverse distortions.  These issues are sensible to defer to the Tax White Paper ...

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June 6, 2014 1:54 PM | Posted by Pelling, Lysarne | Permalink
Structures, systems and rules – regulatory, fiscal, market, organisational, operational and technological – are all appropriately under consideration as part of the Financial System Inquiry (FSI). However, a quick glance at the headlines of any financial news publication over the past few years is enough to highlight another factor equally critical to financial stability, innovation and economic growth: corporate culture. read more
March 26, 2014 9:12 AM | Posted by Mark Standen, Siobhan Doherty | Permalink
The terms of reference of the Financial System Inquiry include how governance structures across the financial system affect stakeholder interests, and how they may drive further change in the global and domestic financial system. Our new video discusses what aspects of corporate governance of financial services institutions may be of interest to the Inquiry. read more
March 21, 2014 3:21 PM | Posted by Richard Batten, Tim Sutton | Permalink
In order to pre-empt the challenges and opportunities of the coming decades, the Financial System Inquiry will need to consider a number of significant trends. For example, the impact of China and other Asian countries as consumer economies is increasing. Our financial system will also need to be prepared for the oncoming demographic change in Australia's population.
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March 19, 2014 10:44 AM | Posted by Richard Batten, Tim Sutton | Permalink
The Financial System Inquiry will no doubt be forward looking. The Wallis and Campbell inquiries in the past went well beyond addressing the issues that existed at the time, in order to making recommendations which would underpin the policy settings in the decades ahead. Keeping this in mind, one of the key themes which appears to be high on the agenda, is funding the Australian economy. read more
March 14, 2014 1:00 PM | Posted by Richard Batten, Tim Sutton | Permalink
It's been 17 years since Australia's last inquiry into its financial system. A lot has changed since the Wallis Report in 1997. Why the need for a new inquiry? What has changed since Wallis made his recommendations? read more